Asian markets to focus on oil prices, dollar strength and China PMIs

Future points to a positive open for Asian shares Thursday after OPEC reached its first deal since 2008 to cut oil production.

Australia's ASX 200 opened in the green, up 0.41 percent. The benchmark index saw strong gains in its energy sub-index, which climbed 2.39 percent and its materials sub-index, which was up 1.7 percent.

Japanese equities are likely to gain at the open. Nikkei futures in Chicago were up 1.65 percent at 18,610, while Osaka futures added 1.54 percent at 18,590, compared to the Japanese benchmark index last close at 18,308.48.

The Organization of Petroleum Exporting Countries (OPEC) surprised the markets with an agreement to cut oil production by 1.2 million barrels a day, in an effort to support oil prices. Crude oil prices have declined by more than half since mid-2014 because of global oversupply and an increase of U.S. shale production.

Brent futures settled 8.82 percent at $50.47 a barrel in the U.S. on Wednesday, and U.S. crude futures rose 9.6 percent to settle at $49.44.

Over at Wall Street, the Dow Jones industrial average closed near flat at 19,123.58, the S&P 500 slipped 0.27 percent at 2,198.81, while the Nasdaq composite finished 1.05 percent lower at 5,323.68.